Based on the available information, the value of the ending inventory using the LIFO method is $2,024.
To calculate the value of ending inventory using the LIFO (Last-In, First-Out) method, assume that the most recent purchases are sold first.
Let's calculate the value of ending inventory step by step:
1. Calculate the cost of goods sold (COGS):
COGS = (Number of units sold) * (Cost per unit)
COGS = 53 units * (cost of the most recent purchase)
Using the LIFO method, the cost of the most recent purchase is $61 per unit.
COGS = 53 units * $61
COGS = $3,233
2. Calculate the value of ending inventory:
Ending Inventory = (Number of units available for sale) * (Cost per unit) - COGS
To calculate the cost per unit, we need to consider the most recent purchases first. Therefore, start with the third purchase, then the second purchase, and finally the first purchase.
Number of units available for sale = (Beginning inventory) + (First purchase) + (Second purchase) + (Third purchase)
Number of units available for sale = 11 + 19 + 22 + 17 = 69 units
Cost per unit:
For the third purchase: 17 units * $61 = $1,037
For the second purchase: 22 units * $56 = $1,232
For the first purchase: 19 units * $52 = $988
Ending Inventory = $1,037 + $1,232 + $988 - $3,233
Ending Inventory = $2,024
Therefore, the value of the ending inventory using the LIFO method is $2,024.